Match the economic system to its definition.(2 points)

Question

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market economy
mixed economy
traditional economy
command economy

a) an economy where a central government determines both the allocation of resources and the production of goods and services
b) an economy that takes elements from both a market economy and a command economy to allocate resources and determine the production of goods and services
c) an economy where culture determines both the allocation of resources and the production of goods and services
d) an economy where price signals, resulting from supply and demand forces within the economy, determine the allocation of resoures and the production of goods and servies

Answer 1

a) command economy
b) mixed economy
c) traditional economy
d) market economy